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ESI Announces First Quarter Fiscal 2014 Results

Electro Scientific Industries, Inc. (NASDAQ:ESIO), a leading supplier of innovative laser-based manufacturing solutions for the microtechnology industry, today announced results for its fiscal 2014 first quarter ended June 29, 2013. Financial measures are provided on both a GAAP and non-GAAP basis, which excludes the impact of purchase accounting, equity compensation, restructuring and valuation allowance charges, and other items.

Revenue in the first quarter was $46.2 million, compared to $39.6 million in the fourth quarter of 2013 and $59.0 million in the first quarter of last fiscal year. On a GAAP basis, net loss was $3.3 million or $0.11 per share, compared to net loss of $65.8 million or $2.23 per share in the prior quarter. On a non-GAAP basis, first quarter net income was $0.4 million or $0.01 per diluted share, compared to net loss of $1.0 million or $0.03 per share in the fourth quarter of fiscal 2013 and net income of $1.9 million or $0.06 per diluted share in the first quarter of fiscal 2013. First quarter results include approximately two months of operation from our acquired Semiconductor Systems business, which closed on May 3.

“The first quarter was a busy and productive one for ESI,” stated Nick Konidaris, president and CEO of ESI. “During the quarter we drove 17% revenue growth and returned to non-GAAP profitability. In addition, we acquired the GSI Semiconductor Systems business. More importantly, we made significant progress on several strategic growth initiatives.”

Orders for the first quarter increased to $58.3 million, compared to $44.1 million in the prior quarter. Konidaris continued, “We grew orders by over 30% sequentially, fueled by several design wins in advanced microfabrication, excellent performance in component test, and the addition of Semiconductor Systems. The quarter was also important strategically as we received customer acceptance on the first DiamondBlaze™ glass singulation system, booked and shipped our first order for dicing of ceramic substrates used in LED packaging, and reached agreements to place our 9900 advanced singulation platform at two major semiconductor manufacturers for technology development in next-generation thin film scribing and interposer dicing.”